Miss Essay

3738 words - 15 pages

Contents
1 a) Examine the arguments in favour of a free market system of resource allocation. ..................................... 1 1 b) Explain how market failure can occur and suggest how the government in a country of your choice has sought to correct those market failures. .............................................................................................................. 4 ‘Too big to fail, too big to bail’........................................................................................................................... 5 2. A) Examine how the government of a country of your choice has adjusted its monetary and fiscal policy in response to the world’s downturn. ...view middle of the document...

1 a) Examine the arguments in favour of a free market system of resource allocation.

‘Market is an arena in which buyers and sellers exchange goods and services, usually for money. It does not have to have a physical location (Dictionary of business and management, 2009). According to the same source, a free market is a market which excludes the government involvement and influence. In such a market rising and falling of prices happen in accordance with supply and demand. In the times of Adam Smith the term free-market did not exist, instead they used the French word ‘laissez-faire’ which translates as ‘leave to go’. Smith believed that, market is a self-regulating structure in which government should be involved as little as possible. (Beardshaw, 2001).

SID: 1214814 /1

Page 1

Much of these points are expressed in different combinations by different authors since the days of Smith. A few of these are outlined below: Adam Smith (1723-90) was convinced that despite the difference in countries’ size, culture and products, international trade would bring benefits to all its participants (Smith, 1981). In the times of Smith there was a businessman, politician, and French economist John-Baptiste Say, who shared the same ideas with Smith. . ‘Say was a major proponent of Adam Smith’s self-directing economic system of competition, natural liberty, and limited government’ ( Younkins, 2009). Malthus was another 19th century economist who based his ideas on free market mechanism: he believed that the allocation of resources to more affluent sections of the society ie, the producers, would deprive the workers from sufficient access to sources of nourishment leading to starvation, which would reduce the wages. Lower wages would intern result in higher demand for labour stimulating the economy. (Abramitzky and Braggion, ) David Recardo is also supportive of free market. According to Begg et al (2001) even taxation is unable to stop this mechanism of resource allocation. While Smith and Say stated that governments should have minimum interference into markets, the advocate of free market who lived in 20th century Milton Friedman, argued in favour of government’s role. ‘The existence of a free market does not of course eliminate the need for government. On the contrary, government is essential both as a forum for determining the "rule of the game" and as an umpire to interpret and enforce the rules decided on’ (Friedman,1962 ). Friedman believed that government is a force which should sometimes outline the limits of free market, and regulate the outcomes of too much liberation, but he did not reject...

408 words - 2 pages
Practice Questions
Q) Explain how Muslim upbringing may lead or support belief in God?
Muslim upbringing may lead to or support belief in God because when the child is just the born the first words that he hears are the Athaan. From the minute the child is born he is listening to the word of Allah. Also, when the child is born certain things are carried out such as the Aqiqa. This is where the Muslim is given a name and the hair is shaved off

492 words - 2 pages
Explain Christian attitudes to other religions
Some Catholics believe that the only way to get to heaven is to follow the religion of Christianity and that if your any other religion your not going to go to heaven because you need Jesus’ teachings. In the Gospel of John, Jesus says, ‘I am the way, the truth and the light, no one come to the father except through me.’ This quote explains here that Jesus is accepting and bragging that he’s the son

4221 words - 17 pages
Strategic procurement – an overview
In the vast majority of organisations, procurement has evolved from a transactional function to one which is contributing to the current and future health of the organisation. Procurement Teams have done this by adopting a strategic approach to managing procurement.
Below is a list of commonly used strategic procurement tools that will aid decision-making and support the efforts of commissioners.
1

1721 words - 7 pages
To what extent did the policies of Sergei Witte address the problems facing Russia at the end of the nineteenth century?
Russia faced many problems at the end of the nineteenth century. Under Minister of Finance Ivan Vyshnegradskii there had been famine because of high taxes on consumer goods which had forced peasants to sell more and more grain. The government were slow to act and, although they eventually enforced a ban on grain exports

617 words - 3 pages
Module 4 Assignment Instructions
Transfer of Training Paper
Write a 1.5 to 2 page paper (typed, double-spaced) on the transfer of training. Include the following:
What is “transfer of training”?
Why is transfer of training important?
What are potential barriers to transfer of training?
What are strategies to avoid or overcome the barriers? Consider strategies before, during and after the training that promote the transfer of knowledge and

2248 words - 9 pages
Marketing is the process of promoting a product or service to be sold to the consumer and keep it selling indefinitely. This assignment will cover the different aspects of marketing from the purchase decision making process that consumers go through, to the theories and factors that influence the consumer’s behaviour when making a purchase. It will also evaluate the relationship between brand loyalty, corporate image and repeat purchasing and how

1889 words - 8 pages
Sabor Inc.
CENTRAL ISSUE:
Sabor, Inc. is facing a potential shortage of supply of marconil, a new high-tech raw material for air filtration. During the past three weeks Sabor has been approached by three suppliers advising of this potential shortage and encouraging Sabor to sign long-term supplier contracts for the product to hedge against shortage. Sabor is not well-informed on the manufacturing process for marconil, however we are aware

1002 words - 5 pages
Battle of the Contraries: Glory of War or Gory War in De Forest’s
Miss Ravenel’s Conversion From Secession to Loyalty
According to Jay Martin, John William De Forest presents many “contraries” in the spirit of writing a novel realistic in its portrayal of Americans and American life (Martin 30, 33). Using a central historic theme of the Civil War, the two opposing contraries are romanticism and realism, or “antiromantic[ism]” (Martin 31

Related Essays

322 words - 2 pages
Eunjung Carney
English 848
Mrs. Escamilla
03/16/2013
An Essay on a Miss Representation
Images of women are presented in all different kinds of mass media. Such images of women in the media portray the ideal women’s body as very thin and as a sexual object. These unrealistic images are particularly found in women’s magazines all over the country. Many young women between the ages of 14 and 32 hold these unrealistic and unattainable

253 words - 2 pages
LETTER OF RECOMMENDATION
I started to know Zarine Manukyan since 2009, when I taught her a master course “Innovation Management” after she became a master student at YSU Department “Management and Entrepreneurship”. During the classes she expressed himself as a vigorous and intelligent student, with hard working and leadership skills. She was very much involved in social activities as an active member at Students’ Council at

2054 words - 9 pages
Assignment one: Part A, Challenge Questions
Lesson one, Question Two: Top Management as a Unique Subculture.
In the context of organizational culture, the expression “top management” is unique “in that it describes a hierarchical level and a distinct subculture” (Trice & Beyer, 2003, p.15). Moreover, this subculture is unique from all the others found in a typical work environment, because top managers exert a disproportionate amount